Closing Costs for Home Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily share these costs, as specified in the sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Sky Apply Mortgage, Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Sky Apply Mortgage, Inc's experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Sky Apply Mortgage, Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Sky Apply Mortgage, Inc can answer questions about these closing costs. Give us a call at 8132007931.